Trump rules out tariff exemptions for Canada and Mexico, raises China duties

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According to the AFP, US President Donald Trump rejected any possibility of the last minute deal with Canada and Mexico to avoid clearing prices, while also signed an order to increase duties on China.

Trump had earlier announced blanket prices on imports from Canada and Mexico in February, citing his failure to prevent illegal immigration and drug trafficking.

The steps were temporarily stopped but are ready to implement it on Tuesday. Talking to reporters on Monday, Trump confirmed that there is a “no room left” for both countries to avoid revenue, which has reduced the US stock markets.

In addition, the White House confirmed that Trump had signed an order to increase revenue from China from 10 % to 20 %, which intensified trade tensions.

It is expected that widespread duties, especially Canada and Mexico, will disrupt the supply chain in industries such as automobiles and construction equipment, which potentially increases consumer prices.

This could complicate Trump’s campaign to reduce the costs of US households.

Up to 25 % of the taxes on Canada and Mexico were “all sets,” Trump said. He added, “What they have to do is to build their car plant, clean and other items in the United States, they have no rates in this case.”

In response, Canadian Foreign Minister Melanie Julie described the upcoming prices as Canada as a “existential threat”, warning that thousands of jobs were at stake. “If we follow Trump,” we are ready with the counter tariff, “he added.

Meanwhile, Mexico’s President Claudia Shenbam said his government had emergency plans, regardless of Trump’s final decision.

Trump has also announced on social media that taxes will apply to agricultural imports on April 2. A White House official told AFP that it was part of a broader plan to implement bilateral taxes, according to every business partner of the administration.

Experts have warned that these taxes can promote economic uncertainty. JP Morgan’s analysts said they expect the new steps to “create an important new head wind towards economic activity” and increase consumer prices.

The use of emergency economic powers to impose revenue on Trump’s Canada, Mexico, and China is an unusual approach, and legal challenges can be followed. “It remains to be seen how they will all work in potential legalism,” said Ryan Mujirus, a partner at King and Spelling, a law firm and a US trading official.

In Canada, the construction sector is controlling higher prices. Robert Dietz, chief economist at the National Association of Home Builders, said that joint duty rates on Canadian wood could be more than 50 %.

He added that in recent weeks, Futures prices for softwood Lamber have already risen by 8 %, domestic builders are expected to increase to $ 7,500 in a new family home, up to $ 10,000.

There are also revenues between our concerns about fantasy trafficking. Although Washington has targeted the supply of chemicals used to manufacture China’s phenothenary, many of them have legitimate medical applications, which have complicated the implementation efforts.

Canadian Prime Minister Justin Trudeau withdrew against the claims, saying his country was a major source of fantasy and non -documentary immigrants, which says less than 1 % of these entries in the United States are through Canada.

However, he warned that if the revenue proceeded, Canada would respond to a “strong, unclear and proportional” reaction.

To address Trump’s concerns, Canada has introduced 1 1.3 billion ($ 901 million) border security measures and appointed a fantasy loser to guide drug business efforts.

Mexico, as a result, recently handed over several notorious drug owners to the United States in an attempt to avoid Trump’s trade penalties.

Despite these efforts, Trump remains in his trade stance, which has set a step in promoting tensions with the closest trade partners in the United States.